Core Points - The eighth round of the UK-Switzerland free trade agreement (FTA) negotiations took place from October 20 to 24, 2023, in Switzerland, reaching an agreement on the competition chapter [1] - Switzerland ranks as the UK's tenth largest trading partner, with bilateral trade expected to exceed £45 billion in 2024 [1] - UK service exports to Switzerland are over £18 billion, making Switzerland the UK's sixth largest service export market [1] Trade Agreement Details - The core focus of the upgraded FTA is on service trade, with trade in financial, consulting, legal, and transportation sectors amounting to approximately £28 billion [1] - In 2020, the bilateral service trade created around 130,000 jobs in the UK [1] - The UK government believes that the upgraded FTA will promote economic growth, support UK businesses, create job opportunities, and enhance the welfare of UK citizens [1] Future Negotiations - The ninth round of negotiations is expected to take place in early 2026 in the UK [1]

企业工作人员到青岛市公共法律服务中心办理业务。 侯祥家摄（人民视觉） 步入位于山东青岛西海岸新区的青岛思普润水处理股份有限公司，生产车间内一派热火朝天，工人们正 加紧生产污水处理设备……不久后，这批设备将在香港落地应用。 项目的顺利运行，离不开青岛市公共法律服务中心提供的法律服务保障。着眼于服务经营主体的多元法 律需求，青岛市委、市政府探索建设中央法务区，由市委政法委牵头整合法律服务资源，打造集"政产 学研用"于一体的公共法律服务高能集聚区。青岛市公共法律服务中心落地中央法务区，设置配套服务 窗口12个，为企业和群众提供一站式法治服务。 截至目前，青岛中央法务区推进12家企业落地阿联酋和沙特、20余家企业成功开拓中东市场，提示消除 企业在境外的知识产权、税收缴纳等领域风险1000余个。 "市公共法律服务中心汇聚了全市最好的法律资源，有专门为企业开设的法律服务窗口，可以去试 试。"大家商议后，于振滨走进了青岛市公共法律服务中心。"别着急，我们来筛选专业法律团队，为您 提供咨询援助。"在涉企法律服务中心窗口，服务专员郑鲁慈认真记录了思普润公司目前面临的困难。 两天后，于振滨再次来到这里。在郑鲁慈引荐下，于振滨与某 ...

Core Viewpoint - The establishment of a comprehensive legal service platform in the Sichuan Tianfu Central Legal District enhances the efficiency and scope of legal services for enterprises, particularly in technology and international trade sectors [1]. Group 1: Legal Service Ecosystem - The legal district includes various centers such as enterprise service, financial mediation, bankruptcy affairs, legal technology, and foreign-related legal services, creating a full-cycle and all-element legal service ecosystem [1]. - The platform facilitates direct connections with technology and import-export enterprises, expanding the market for professional services [1]. Group 2: Business Development and Efficiency - The legal district has improved the efficiency of case handling and business development, providing tangible conveniences for legal practitioners [1]. - The integration with the "Belt and Road" legal service network allows for the undertaking of cross-border investment and international arbitration, broadening the service range and career development opportunities [1].

Core Insights - The event "Legal Engine, Enterprise Navigation Future" aims to build a legal service collaboration platform between Shenzhen Qianhai and Foshan, enhancing legal resources connectivity for enterprises going global [1] - Qianhai is developing "Two Centers and One High Ground" (International Commercial Dispute Resolution Center, International Legal Service Center, Intellectual Property Protection High Ground) to improve cross-border legal service capabilities, with 272 institutions already established in the Qianhai-Hong Kong International Legal Zone [1] - Experts discussed various topics related to cross-border investment and compliance strategies, providing comprehensive solutions from risk warning to ecological compliance [1] Group 1 - The event focuses on addressing legal challenges faced by enterprises in their international expansion [1] - Qianhai's initiative includes the establishment of multiple legal service centers to enhance service quality [1] - The collaboration aims to provide efficient legal support for enterprises venturing abroad [1] Group 2 - Legal experts highlighted common issues faced by Chinese enterprises in Thailand, such as labor laws and tax compliance, and proposed strategies for overcoming these challenges [2] - The internationalization of traditional Chinese medicine requires addressing standards recognition and dispute resolution, with recommendations for early international patent and mediation mechanisms [2] - Emphasizing the importance of cultural communication and compliance awareness, experts suggested employing bilingual legal teams to navigate language and regulatory differences in Japan [2]

Core Insights - The 2025 Lize Legal Forum successfully promoted the construction of the Beijing International Law and Business Integration Demonstration Zone [1] - The forum focused on the theme of "Focusing on the Frontiers of Rule of Law and Promoting New Development of International Law and Business Integration" [1] Group 1: Development of Lize Financial Business District - Lize Financial Business District is accelerating the establishment of a market-oriented, rule-of-law, and international first-class business environment, becoming a significant engine for economic growth in the capital [3][5] - The district has attracted 1,418 enterprises, with an annual tax revenue growth rate maintaining double digits, and has developed 13 "billion-yuan buildings" [5][9] - The Lize Digital Financial Technology Demonstration Park, with a total investment of 14 billion yuan and a construction area of approximately 500,000 square meters, plays a crucial role in providing a solid space and innovative platform [3][5] Group 2: Legal and Business Integration - The district has established effective legal service platforms, including a financial court circuit trial mechanism and specialized prosecutor liaison stations, to support enterprises in their international endeavors [5][9] - The interaction between law and business is seen as a virtuous cycle, contributing to the high-quality economic development of the capital [5][9] - By 2027, Lize Financial Business District aims to become a demonstration zone for law and business integration, a pioneer in financial technology innovation, and a model for legal collaboration in the Beijing-Tianjin-Hebei region [7][9] Group 3: Future Prospects - The Lize Digital Financial Technology Demonstration Park is positioned as a new highland for digital financial development and a core engine for optimizing the business environment [9][11] - The park is designed to meet diverse corporate needs with flexible office space ranging from 13,000 to 50,000 square meters for headquarters-level enterprises [11] - The district aims to maintain an international perspective and high standards, promoting a unique model of law and business integration that supports global enterprise development [11][13]

来源：瑞恩资本RyanbenCapital 根据统计， 在过去的24个月(2023年11月至2025年10月)香港新上市公司 173家； 在过去的12个月(2024年11月至2025年10月)香港新上市公司 98家； 在今年以来(2025年1月至2025年10月)香港新上市公司 81家。 | 香港上市中介机构排行(Top3) | | | | ► 瑞恩 | | --- | --- | --- | --- | --- | | 中介机构 | 排名 | 过去24个月 | 过去12个月 | 今年以来 | | | | 2023.11-2025.10 | 2024.11-2025.10 | 2025.01-2025.10 | | 香港律师 | 1 | 高伟绅 | 高伟细 | 高伟细 | | | 2 | 汰维 | 汰维 | 汰维 | | | | 普街 | | | | | 3 | 富而德 美迈斯 | 普衡 富而德 科建 | 科建 富而德 | 根据统计，在过去24个月共 66间香港律师参与 172家(不包括1家简易方式从GEM转主板)新上市业务。 | 香港IPO香港律师排行榜 | | | | | | --- | --- | -- ...

Core Viewpoint - The official launch of the Suzhou International Legal Service Zone aims to enhance Suzhou's role as a global hub for foreign-related legal services, injecting legal momentum into the city's development as a dual-open hub with global connectivity [1][2][3] Group 1: Development of Legal Service Centers - The legal service zone will establish a high-level foreign-related investment and trade service center, leveraging Suzhou's strengths in emerging industries like artificial intelligence and biomedicine to provide comprehensive legal services for enterprises [1] - A vibrant foreign-related legal service institution cultivation center will be created, focusing on attracting top-tier legal service organizations and fostering a competitive legal service industry [2] - The zone will also build an authoritative and efficient foreign-related commercial dispute resolution center, promoting a one-stop platform for international commercial dispute resolution [2] Group 2: Research and Talent Development - An open and innovative foreign-related legal research and exchange center will be established, integrating resources from government, universities, and research institutions to focus on significant foreign-related legal issues [3] - The implementation of a talent cultivation initiative will aim to attract top legal professionals and establish training bases in collaboration with domestic and foreign institutions [3] - Suzhou's judicial authorities emphasize the importance of creating a high-level legal environment to support the internationalization of local enterprises and enhance the legal framework for "Suzhou manufacturing" to expand globally [3]

Core Insights - The establishment of Taihe Law Firm (Suzhou) marks a significant development in the legal services industry, recognized as a national excellent law firm and ranked among the "Top 100 Global Law Firms" [1] - The Suzhou Legal-Business Integration and Collaborative Innovation Center aims to create a comprehensive legal service ecosystem, integrating various governmental services and attracting top-tier law firms [2] Group 1: Taihe Law Firm (Suzhou) - Taihe Law Firm (Suzhou) is positioned to leverage an international perspective while deeply engaging with the local legal ecosystem in the Yangtze River Delta [1] - The firm will also support the establishment of the Suzhou Ancient City Protection and Development Legal Research Institute, focusing on legal-business integration for heritage conservation [1] Group 2: Suzhou Legal-Business Integration Center - The center will feature designated areas for core legal-business services, industry chain services, foreign-related services, and public facilities, promoting integrated and localized service delivery [2] - It aims to attract specialized legal service institutions, particularly in intellectual property, commercial mediation, and legal technology, to form a complete legal-business service industry chain [2] - The center is part of a broader initiative to create a world-class legal business environment in the Gusu District, with the Gusu Legal Service Industrial Park serving as a key development area [2]

Core Insights - The article discusses the increasing regulatory scrutiny in the cryptocurrency and blockchain sectors, highlighting the legal challenges faced by businesses and individual investors, such as asset freezes and unclear compliance requirements [1] - It emphasizes the importance of selecting a specialized law firm to navigate these challenges effectively [1] Group 1: Top Law Firms for Blockchain and Cryptocurrency - The top law firm for 2025 is Shanghai Mankun Law Firm, with a reputation score of 9.9/10 and a strong recommendation rating [2] - Mankun Law Firm specializes in Web3.0 and blockchain, providing comprehensive legal services including compliance, investment structuring, and criminal defense [3][4] - The firm has a diverse team with backgrounds in law, technology, and finance, enabling them to offer tailored legal solutions for new economy enterprises [3] Group 2: Core Competencies and Achievements - Mankun's core strengths include a unique combination of legal, technical, and business expertise, along with proprietary tools for evidence preservation and blockchain tracing [5] - The firm has successfully defended clients in high-risk cases involving fraud and illegal operations, achieving favorable outcomes such as bail or acquittals [6] - Notable client cases include assisting individuals in cryptocurrency fraud cases and providing compliance frameworks for Web3 projects [7][8] Group 3: Other Notable Law Firms - Latham & Watkins LLP ranks second with a score of 9.2/10, recognized for its expertise in cross-border licensing and compliance risk management [9][10] - Perkins Coie LLP, ranked third with a score of 9.0/10, is noted for its strong experience in cryptocurrency regulation and its interactions with regulatory bodies [12][13] - Selachii LLP and Dentons LLP round out the top five, with strengths in asset recovery and compliance services, respectively [14][15] Group 4: Choosing the Right Law Firm - Businesses and individuals should clarify their legal needs, assess the expertise of lawyers, and consider the firm's service mechanisms when selecting a law firm [16] - For domestic clients, firms like Mankun are recommended, while international firms like Latham & Watkins are better suited for cross-border operations [16] Group 5: Industry Trends - The article concludes that the legal services for cryptocurrency and Web3 are becoming more specialized and systematic, with a dual model of local expertise and global compliance emerging [16]

Financial Data and Key Metrics Changes - Total investment income decreased to $1.6 million from $2.2 million year-over-year, reflecting both debt repayments and a slowdown in origination dynamics [13][14] - Net investment income increased to $993,000 compared to $887,000 in the same quarter last year, demonstrating effective expense management [15] - Net asset value (NAV) declined to $53.6 million or $18.06 per share from $19.10 per share sequentially, primarily due to valuation adjustments and dividend payments [16] Business Line Data and Key Metrics Changes - The investment portfolio's fair value was $44.3 million across 19 companies, down from year-end, largely due to significant repayments and valuation adjustments [6][7] - The portfolio mix consisted of 83% debt and 17% equity, with a weighted average yield of 12.2% [7] - 39% of investment income was attributable to non-cash PIK interest, up from 24% in the prior year [14] Market Data and Key Metrics Changes - The market for new deal origination remains sluggish, with borrowers facing tighter credit conditions and higher financing costs [4] - The company noted a greater use of PIK interest by borrowers as they adapt to the current financing environment [4] Company Strategy and Development Direction - The company aims to maintain its dividend through disciplined expense management and strong liquidity, even during periods of muted investment activity [6][17] - The focus is on being selective in deal origination while remaining prepared to capitalize on opportunities as market conditions improve [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging lending environment, highlighting a strong balance sheet with no debt and significant liquidity [18] - There are early signs that anticipated interest rate reductions could stimulate deal origination in the future [19] Other Important Information - The company declared and paid a regular quarterly dividend of $0.29 per share, maintaining this level for three consecutive quarters [5][17] - The company experienced a realized loss of $2.9 million on Tilson Technology Management following its Chapter 11 process [10] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.